Mumbai, Aug. 3 -- Mahindra & Mahindra Ltd (M&M) has completed the acquisition of a 58.96% controlling stake in SML Isuzu Ltd (SML), marking a major strategic move to strengthen its presence in the medium and heavy commercial vehicle segment.

The acquisition, completed at Rs.650 per share for a total investment of Rs.555 crore, was made from Sumitomo Corporation and Isuzu Motors of Japan, according to a press release on Saturday.

The company is also set to be renamed 'SML Mahindra Limited', subject to necessary approvals from regulatory authorities and shareholders.

The acquisition marks a significant step for M&M, which currently holds a 3% market share in the over 3.5-tonne commercial vehicle segment, compared to 54.2% in the sub-3.5 ...